Score Media and Gaming Inc. said it reached a deal on a $40 million investment from Fengate Asset Management, with the proceeds used to grow its media and sports betting business, which operates as TheScore. 

Fengate will buy a $40 million 8% convertible subordinated debenture of Score Media and Gaming, which will come due by Aug. 31, 2024. Private placement is scheduled to close by Thursday, subject to certain conditions. 

"TheScore is focused on becoming a leader in mobile sports gaming in North America and this strategic investment significantly enhances our ability to execute on this plan," John Levy, founder and CEO of TheScore.com, said in a company release. 

He said that Fengate is a highly respected and experienced investor in the gaming segment and called them the perfect investment partner as it launches its best-in-class mobile sportsbook in the U.S. 

The Score announced in December 2018 that it planned to launch a mobile sportsbook in New Jersey under an agreement with Darby Development, the operator of the Monmouth Park Racetrack in Monmouth, N.J., and the New Jersey Thoroughbred Horsemen's Association. 

A spokesman for TheScore told Mobile Payments Today that New Jersey is the first state of a wider rollout of its mobile sportsbook, which is set to launch prior to the new NFL season. 

The plan called for the launch of an online and mobile sports betting operation by mid-2019. TheScore currently operates of the largest sports media and data apps in the country. 

Cover image courtesy Score Media and Gaming.